California Bonds: Attack of the Killer BBB

There's not much golden about California these days -- least of all its bonds.

Fitch Ratings downgraded the state's long-term general obligation bond rating to BBB from A- on Monday, the second cut on the reading since June. The bonds remain on rating watch negative.

Fitch attributed the downgrade to California's continued inability to achieve timely agreement on budget- and cash flow-solutions amid its severe fiscal crisis. An agreement was suppose to be reached by the end of the state's fiscal year on June 30. ...